Scaramucci Halts Withdrawals in a Fund After Stock, Crypto Swoon

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Bloomberg

Scaramucci Halts Withdrawals in a Fund After Stock, Crypto Swoon

Katherine Burton and Nishant Kumar
Mon, July 18, 2022 at 6:36 PM

(Bloomberg) -- Anthony Scaramucci’s Skybridge Capital suspended redemptions in one of its funds after sharp declines in stocks and cryptocurrencies, according to people familiar with the decision.

The Legion Strategies fund suspended redemptions because private companies, which are harder to sell, now make up about 20% of the portfolio, one of the people said. The fund is one of Skybridge’s smaller offerings, farming out most of its roughly $230 million of assets to hedge fund managers.

FTX, the crypto exchange co-founded by billionaire Sam Bankman-Fried, is among the fund’s private investments.

Scaramucci -- who returned to money management after spending 11 days in the White House as the Trump administration’s communications director -- made a big push into crypto, a move that has hurt Skybridge’s performance this year. An index of the 100 largest digital assets has tumbled 56% in 2022.

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